PayPal launches stablecoin platform with $100M volume
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- PayPal Holdings has launched PYUSDx, a platform for businesses to issue custom stablecoins backed by PayPal USD.
- Three launch partners have brought more than $100 million in processed volume to the platform.
- PayPal is expanding its stablecoin infrastructure as financial firms move more payment activity onchain.
PayPal Holdings has launched PYUSDx, allowing businesses to create custom stablecoins backed by PayPal USD (CRYPTO:PYUSD).
The platform has launched with Saturn, Concrete and Cap, which together bring more than $100 million in processed volume.
“As more financial institutions are getting involved, this creates fragmentation,” said M0 CEO Luca Prosperi.
PYUSDx combines M0’s stablecoin technology with MoonPay’s issuance and distribution infrastructure, while MoonPay Digital Assets issues the tokens.
Following the announcement, PayPal Holdings share price was down 1.84% at $52.20.
PayPal first introduced its PYUSD stablecoin in 2023 and has since expanded its use across its payments ecosystem.
Additional companies, including USD.AI and Fairblock, have also begun introducing stablecoins through PYUSDx as PayPal expands its blockchain payments strategy.
